Fwd: TaxGuru : “Adjustment can not be made in the book profit u/s 115JB for the items which are not mentioned specifically in the explanation to section 115JB” plus 18 more

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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Thu, Jun 23, 2011 at 9:48 AM
Subject: TaxGuru : "Adjustment can not be made in the book profit u/s 115JB for the items which are not mentioned specifically in the explanation to section 115JB" plus 18 more
To: palashbiswaskl@gmail.com

TaxGuru : "Adjustment can not be made in the book profit u/s 115JB for the items which are not mentioned specifically in the explanation to section 115JB" plus 18 more

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• Adjustment can not be made in the book profit u/s 115JB for the items which are not mentioned specifically in the explanation to section 115JB
• Proceedings u/s 263 by CIT not valid, if initiated on the basis of points decided by AO by following the decision of the ITAT and HC in the case of the assessee itself
• Even prior to assessment year 2008-09, when rule 8D was not applicable, the AO had to enforce the provisions of sub-section (1) of section 14A
• CA's certificate in place of original tax challan not sufficient to prove that payment was deposited
• CIT vs. Gopal Purohit – SC dismisses Special Leave Petition against the judgment of Bombay High Court
• I-T dept asked to start prompt action against tax evaders
• Sahay to meet PM tomorrow for tax reduction in tourism sector
• Sebi likely to make mandatory for MF industry to disclose AUM
• Gov invites stakeholders' view to revise the deemed export policy
• UAE has no plans to allow 100 pc foreign ownership
• GST regime unlikely from April 2012 states oppose draft Bill
• Even if offshore supply not taxable, software embedded in offshore supply can be taxable
• Public Provident Fund (PPF) Scheme -1968 – Clarification Payment of interest in respect of PPF HUF accounts
• No excise duty on school uniforms, uniforms for private security guards, companies, hotels, airlines etc and made-ups such as linens, towels etc bearing the name or logo of a hotel, restaurant or airlines but not any brand name
• Seeks to amend Notification No.107/2008-Customs, dated the 6th October, 2008 so as to enhance the extent of Margin of Preference in respect of specified goods imported from Least Developed Countries of South Asian Free Trade Agreement (SAFTA)
• Custom Duty – Regarding timely intimation to Board and correspondence with other Ministries / Departments on policy matters
• Regarding Issue of Custom House Agent License – Reference from field formations – Circular No.25/2011-Customs
• Requirement of import permit / registration with / from CIB & RC for import of substances listed in the schedule 3 of the Insecticide Act, 1968, for non-insecticidal use under Insecticides Act, 1968
• RBI to put the data on Overseas Direct Investment in the public domain

Adjustment can not be made in the book profit u/s 115JB for the items which are not mentioned specifically in the explanation to section 115JB Posted: 22 Jun 2011 08:23 PM PDT ACIT, Gandhinagar Vs Gujarat State Energy Generation Ltd (ITAT Ahemdabad) - Only such items which are specifically mentioned in the Explanation to section 115JB need to be excluded or included, as the case be, and nothing more can be brought in. All... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Proceedings u/s 263 by CIT not valid, if initiated on the basis of points decided by AO by following the decision of the ITAT and HC in the case of the assessee itself Posted: 22 Jun 2011 07:59 PM PDT The Lakshmi Vilas Bank Ltd Vs Addl.CIT, Tiruchirapalli (ITAT Chennai) -Where the AO has considered all the points, on the basis of which the CIT initiated proceedings u/s 263, following the decision of the ITAT and High Court in the case of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Even prior to assessment year 2008-09, when rule 8D was not applicable, the AO had to enforce the provisions of sub-section (1) of section 14A Posted: 22 Jun 2011 07:32 PM PDT LIC Housing Finance Ltd Vs DCIT (ITAT Mumbai)-The provisions of rule 8D of the Rules which have been notif ied with effect from March 24, 2008, would apply with effect from assessment year 2008-09. Even prior to assessment year 2008-09, when rule 8D... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CA's certificate in place of original tax challan not sufficient to prove that payment was deposited Posted: 22 Jun 2011 07:04 PM PDT Siel Ltd Vs DCIT (ITAT Delhi)- The issue raised is that Ld. Commissioner of Income Tax (Appeals) erred in upholding the disallowance of Rs. 18,49,950/- being amount claimed by the assessee u/s 43B of the IT Act. The assessee was asked to establish... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CIT vs. Gopal Purohit – SC dismisses Special Leave Petition against the judgment of Bombay High Court Posted: 22 Jun 2011 06:30 PM PDT CIT vs. Gopal Purohit - (Supreme Court) - The Supreme Court vide order dated 15.11.2010 dismissed the Department's Special Leave Petition against the judgment of the Bombay High Court in CIT vs. Gopal Purohit 228 CTR 582 (Bom). The Tribunal has... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

I-T dept asked to start prompt action against tax evaders Posted: 22 Jun 2011 10:24 AM PDT Taking a step forward against black money, the Finance Ministry has asked the Income Tax Department to launch immediate prosecution action in tax evasion cases wherein tangible assets and investments are located in foreign shores. The department has... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Sahay to meet PM tomorrow for tax reduction in tourism sector Posted: 22 Jun 2011 10:22 AM PDT Union Tourism Minister Subodh Kant Sahay will meet Prime Minister Manmohan Singh tomorrow to seek his intervention in reducing taxes in the tourism sector. Sahay along with senior officials including four secretaries from the Ministries of Finance,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Sebi likely to make mandatory for MF industry to disclose AUM Posted: 22 Jun 2011 10:18 AM PDT Market regulator Sebi is likely to make it mandatory for mutual fund players to declare their assets under management (AUM) and details of new schemes to ensure that retail investors take informed decision before investment. SEBI is working towards... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Gov invites stakeholders' view to revise the deemed export policy Posted: 22 Jun 2011 10:16 AM PDT The government has invited views of the stakeholders to revise the deemed export policy, aimed to avert the misuse of the scheme. Deemed exports refer to those transactions in which goods supplied to the users do not leave the country and payment... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

UAE has no plans to allow 100 pc foreign ownership Posted: 22 Jun 2011 10:14 AM PDT The UAE has no plans to raise the 49 per cent foreign ownership cap for companies, a senior economy ministry official has said. Economy Ministry Undersecretary Mohammed Al Shihhi''s statement has dashed hopes of a company law that would allow... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

GST regime unlikely from April 2012 states oppose draft Bill Posted: 22 Jun 2011 10:04 AM PDT The introduction of big-ticket tax reforms through the Goods and Services Tax (GST) regime seems unlikely from next April with the BJP-ruled states today stating that they would not like to be reduced to 'municipality or corporations. The kind of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Even if offshore supply not taxable, software embedded in offshore supply can be taxable Posted: 22 Jun 2011 09:22 AM PDT Raytheon Company v Dy CIT (ITAT Delhi) - In a turnkey contract, in which the assessee was under an obligation to supply the equipment and software as well as install them, the profit should be taxed on the completion of each milestone or at the time... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Public Provident Fund (PPF) Scheme -1968 – Clarification Payment of interest in respect of PPF HUF accounts Posted: 22 Jun 2011 08:41 AM PDT Government of India has, vide their letter F.No.7/4/2008-NS.II dated June 1, 2011(copy enclosed), decided that interest at PPF rates would be paid on those PPF (HUF) accounts, which had attained the maturity after May 13, 2005 but closed by the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

No excise duty on school uniforms, uniforms for private security guards, companies, hotels, airlines etc and made-ups such as linens, towels etc bearing the name or logo of a hotel, restaurant or airlines but not any brand name Posted: 22 Jun 2011 08:28 AM PDT Circular No. 947/8/2011- CX - On the issue of applicability of excise duty on uniforms or made-up articles like quilt, blankets, towels, linen etc bearing the name or logo of a school, security agency, company, hotel or airline etc., it is clarified... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Seeks to amend Notification No.107/2008-Customs, dated the 6th October, 2008 so as to enhance the extent of Margin of Preference in respect of specified goods imported from Least Developed Countries of South Asian Free Trade Agreement (SAFTA) Posted: 21 Jun 2011 09:29 PM PDT Notification No. 49 /2011-Customs Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Custom Duty – Regarding timely intimation to Board and correspondence with other Ministries / Departments on policy matters Posted: 21 Jun 2011 09:29 PM PDT It has been observed that the Commissionerates often correspond on sensitive and policy related issues directly with the Ministry of Commerce / DGFT without keeping Board posted. In one case where sensitive war material was found in a consignment of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Regarding Issue of Custom House Agent License – Reference from field formations – Circular No.25/2011-Customs Posted: 21 Jun 2011 09:29 PM PDT Circular No.25/2011-Customs Attention is also invited to Board's Circular No.9/2010-Customs dated 8.4.2010 which stipulates that those applicants who have passed the examination referred to in Regulation 9 of CHALR, 1984, but were not given Licence... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Requirement of import permit / registration with / from CIB & RC for import of substances listed in the schedule 3 of the Insecticide Act, 1968, for non-insecticidal use under Insecticides Act, 1968 Posted: 21 Jun 2011 09:29 PM PDT Board has received references from trade and industry highlighting difficulties being faced in clearance of imported substances listed in Schedule 3 of the Insecticides Act, 1968 that are meant for non-insecticidal purposes. Reportedly, on account... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI to put the data on Overseas Direct Investment in the public domain Posted: 21 Jun 2011 09:28 PM PDT The Reserve Bank of India has decided to put on its website on a monthly basis from July 2011 onwards the outflows on account of Overseas Direct Investment by Indian Companies / Parties as reported by the Authorized Dealers in Form ODI. The report... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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Palash Biswas
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